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UAE pumps $19bn into banking sector
- United Arab Emirates: Tuesday, October 14 - 2008 at 12:01
The UAE is injecting an additional Dhs270bn ($19bn) into the country's financial sector to protect against global volatility, according to state news agency WAM. The new transfer brings the total emergency funds for the UAE banking sector to Dhs120bn. Today's announcement follows the decision on Sunday by the Cabinet to protect deposits with the local banks.
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Jeff Florian, Senior ReporterTuesday, October 14 - 2008 at 12:01 UAE local time (GMT+4)
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